Firms today need to adopt AI and other related technology at a fast pace to remain relevant in their industry. The present study analyses the impact of AI-related technology adoption on the financial performance of firms. A sample of NIFTY 500 companies was analysed using regression analysis. To identify the technology adoption themes in the annual reports BERTopic modelling was undertaken. The study identified a total of 453 themes of which 20 themes were related to technology adoption. Further using the identified keywords of AI-related technology content analysis of unstructured annual reports was done to estimate the firms’ technology adoption. Ordinary Least Squares Regression model was estimated to test the impact of technology adoption along with other firm control variables such as corporate governance and firm-specific characteristics on financial performance of listed firms. The results indicate that technology adoption has significantly positive impact on firm’s financial performance, governance variables do not seem to impact the firm profitability performance. The results of the study would help the organisations operational efficiency, cost reduction and resource optimization.